Friday, July 3, 2020

Lekaukau replaces Nthebolan as Cresta board chairperson

One of the country’s leading hospitality group, Cresta Marakanelo Limited has announced new changes to its board of directors.

The change in floor-sweepers at the hotel chain group has resulted in the former Standard Chartered Bank Botswana Chief Executive Moatlhodi Lekaukau taking over as the new chairperson. Lekaukau replaces an old broom at the group’s board room, Maria Nthebolan who joined it in February 2008. Also on his way out, is Elias Dewah who has also served the Cresta board for over 7 years.

The two outgoing directors are reported to have been instrumental in the listing of the company on the Botswana Stock Exchange in June 2010 becoming the third tourism outfit to join the domestic board of the local bourse.

At the time, the listing was marked as one of the most successful in the BSE history as the company was 93.88 percent subscribed compared with the average figure of 60 percent.

The company issued an IPO for 62.9 million shares at P 1.45 thebe–a piece that were held by BDC– to try to support the citizen empowerment initiatives. However, 56.7 million were bought through private placement and IPO.

Meanwhile also joining the board alongside Lekaukau is the current Head of Coverage Africa at Rand Merchant Bank, Tshepidi Moremong. Moremong also doubles as co-chairman of African Venture Capital Association.

The appointment of the two new directors was with effect from November 2017. It also happens hardly a year after the controversial departure of Tawanda Makaya and Valentine Mganga who were the company’s Managing Director and Chief Financial Officers respectively. The pair was suspended in mid October 2016 after the company launched a probe on a potential financial irregularity involving money estimated at around P2.3 million. Makaya has since been replaced with Mokwena Morulane who took office at the beginning of October 2017.

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Sunday Standard June 28 – 4 July

Digital copy of Sunday Standard issue of June 28 - 4 July, 2020.